Government Refers Seychelles Trading Company Limited (STCL) Cold Storage Project Special Audit Report to Police and Anti-Corruption Commission

The Office of the President has announced that immediate action has been taken following serious findings in the Special Audit of the STCL Cold Storage Facility Project, with the matter now formally referred to both the Seychelles Police Force (Financial Crime Investigation Unit) and the Anti-Corruption Commission Seychelles (ACCS) for investigation.

This course of action follows a key recommendation of the audit report, which was presented yesterday at State House to the Minister for Finance, Economic Planning, Trade and Investment, Mr. Pierre Laporte.

The audit has identified significant weaknesses in procurement, financial management, and project oversight. Of particular concern are findings that the contract was awarded through a non-competitive process, without adequate due diligence, and that engagement with the contractor, SeyTurk Limited, commenced prior to the company’s formal incorporation.

According to the audit report, SeyTurk Limited is owned by Mr. Jean Pierre Morin (40%), Mr. Osman Ethem Karaduman (30%), and Mr. Adem Oran (30%).

The project, originally approved at approximately USD 5.5 million (approximately SCR 80 million), escalated to about USD 7.6 million (approximately SCR 110 million), representing a cost overrun of nearly USD 2.1 million (approximately SCR 30 million). Certain payments, including a force majeure claim exceeding USD 500,000 (approximately SCR 7.5 million), have also been identified as requiring further scrutiny.

Given the seriousness of these findings and the substantial level of public funds involved, the President Dr. Patrick Herminie has taken decisive action to ensure the matter is subjected to a full and independent investigation.

The President has emphasised that his Government will not tolerate mismanagement, abuse of public funds, or any form of misconduct. Where wrongdoing is established, those responsible will be held fully accountable under the law.

The Office of the President reaffirms its commitment to transparency, accountability, and good governance, and will keep the public informed of any significant developments.

Distributed by APO Group on behalf of State House Seychelles.